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McCormick & Company Inc Reaffirms FY 2013 Guidance; Issues Q2 2013 EPS Guidance Below Analysts' Estimates

Tuesday, 2 Apr 2013 06:30am EDT 

McCormick & Company Inc reaffirmed guidance fiscal 2013 guidance and expects to grow sales 3% to 5% in local currency, largely from higher volume and product mix and expects a minimal impact of foreign currency exchange rates based on current rates. The Company also reaffirmed guidance for a 6% to 8% increase in operating income, including projected CCI cost savings of at least $45 million and earnings per share (EPS) continued to be in a range of $3.15 to $3.23. This includes the projected unfavorable impact of $0.11 from increased retirement benefit expenses. In the second quarter of 2013, it expects the continuation of higher material costs and an unfavorable impact of approximately $5 million from increased retirement benefit expense. As a result of the unfavorable impact of these factors, EPS in the second quarter of 2013 are expected to be comparable to $0.60 EPS that reported in the second quarter of 2012. The Company reported revenue of $4.036 billion and EBIT of $578.30 million in fiscal 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of revenue of $4.219 billion and EPS of $3.21 for fiscal 2013; EPS of $0.65 for the second quarter of 2013. 

Company Quote

-0.08 -0.11%
26 Feb 2015